UPDATE 1-Nvidia's Q3 beats Street, shares climb - News

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UPDATE 1-Nvidia's Q3 beats Street, shares climb

By: AFX | 05 Nov 2009 | 05:05 PM ET

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SAN FRANCISCO, Nov 5 (Reuters) - Graphics chipmaker Nvidia Corp posted higher than expected earnings on the back of increased consumer spending, sending its shares up nearly 6 percent. The company, which competes with Advanced Micro Devices' ATI unit to sell graphics hardware for computers, reported on Thursday net income of $110.3 million, or 19 cents a share, in its third quarter, compared with $111.4 million, or 20 cents a share, a year earlier. That exceeded the average analysts' estimate of 10 cents a share, according to Thomson Reuters I/B/E/S. Revenue rose to $903.2 million, versus Wall Street's average forecast of $838.1 million. Nvidia had been expected to offer the latest sign from the semiconductor industry that demand for electronics is beginning to recover, particularly spending on personal computers. It has benefited from the consumer market, as its core business of selling graphics cards and chipsets augment its fledgling server and mobile businesses. Shares of Nvidia rose to $12.99 in extended trading from their $12.27 close. (Reporting by Ian Sherr; Editing by Tim Dobbyn) ((ian.sherr@thomsonreuters.com; +1 415.677.2542; Reuters Messaging: ian.sherr.thomsonreuters.com@reuters.net)) Keywords: NVIDIA/ (See http://blogs.reuters.com/mediafile/ for Media and Technology -- Reuters' media and technology blog.) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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